Answer on Microeconomics Question for mohammed abdu

2014-09-04T17:39:51-0400

Question #45687

Assume that a firm in a perfectly competitive industry has the following total cost schedule:OUTPUT (UNITS) TOTAL COST ($)10 $11015 15020 18025 22530 30035 38540 480.a. Calculate a marginal cost and an average cost schedule for the firm.b. If the prevailing market price is $17 per unit, how many units will be produced and sold? What are profits per unit? What are total profits?c. Is the industry in long-run equilibrium at this price? Explain.